The affordable housing lottery has launched today for 98 apartments at 115 Delancey Street, which will be the tallest building within the $1.9 billion Essex Crossing development on the Lower East Side. The building is expected to open in mid- to late 2018.
The affordable units range from studios to three-bedrooms, and are available to households earning between 40 percent and 165 percent of the area median income. Rents range from $519/month for a studio (with income restrictions of $19,680 to $26,720) to $3,424/month for a three bedroom (with income restrictions between $119,966 and $182,655). NYC Housing Connect offers all the details on various income restrictions and ways to apply for units.
Residents of Community Board 3 will receive a preference for 50 percent of the affordable units. Former site tenants of the Seward Park Extension Urban Renewal Area (SPEURA) will receive an additional priority for the units. An informational sheet for those former tenants is available here.
The 26-story building—which is also known as site 2—will contain a total of 198 residential units. Amenities include a part-time lobby attendant, on-site superintendent, communal terraces, fitness room, yoga room, children’s playroom, bicycle storage and resident lounge.
As far as construction goes, 115 Delancey is in the process of getting its facade; a five-story podium sits at the base and will become home to parts of the Essex Street Market along with a 14-screen Regal Cinema theater. An urban farm will occupy the podium’s rooftop. The building will also include the first phase of the Market Line, a bazaar-like marketplace that will span three buildings.
Once complete, the entire Essex Crossing development project will bring more than 1,000 new apartments to the Lower East Side, with half of them allotted for affordable housing. 140 Essex Street is offering affordable housing to seniors, while 242 Broome Street boasts 11 affordable condos.